Market forces + Kingfisher | The Guardianhttp://www.theguardian.com/business/series/market-forces+kingfisher
Indexen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Tue, 03 Mar 2015 23:35:30 GMT2015-03-03T23:35:30Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
FTSE shrugs off Chinese slump, while Dixons gains on Christmas hopeshttp://www.theguardian.com/business/marketforceslive/2015/jan/19/ftse-shrugs-off-chinese-slump-while-dixons-gains-on-christmas-hopes
<p>Leading shares lifted by hopes of quantitative easing from European Central Bank this week</p><p>Despite a slump in the Chinese stock market, European investors were in a positive mood in anticipation that the European Central Bank will authorise some measure of quantitative easing at its meeting on Thursday.</p><p>With no distractions from Wall Street - closed for Martin Luther King Day - the optimism helped the <strong>FTSE 100</strong> rise 35.26 points to 6585.53.</p><p>Tesco has a meaningful opportunity to improve the efficiency of its UK operations. Tesco’s margin-led strategy in recent years not only led to market share losses, it significantly complicated the business, as the focus on vendor allowances led to a proliferation of stock keeping units [products]. We estimate the average SKU count at Extra hypermarkets in the UK rose from around 55,000 in 2004 to around 75,000 in 2014. Tesco plans to reverse this trend.</p><p>Support from branded goods manufacturers could become a key weapon in the battle with discounters. Branded goods have been losing UK market share in the past five years. The example of the French grocery market shows that, when leading branded goods manufacturers share in conventional food retailers’ efforts to improve price positioning, it can have a powerful impact on the hard discounters: after rising steadily for 15 years, the [discounters’] share in France fell from 14.3% in 2008 to 11.7% in 2014.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/jan/19/ftse-shrugs-off-chinese-slump-while-dixons-gains-on-christmas-hopes">Continue reading...</a>BusinessDixons CarphoneKingfisherTravis PerkinsTescoBalfour BeattyGlencoreBHP BillitonRio TintoMon, 19 Jan 2015 16:58:49 GMThttp://www.theguardian.com/business/marketforceslive/2015/jan/19/ftse-shrugs-off-chinese-slump-while-dixons-gains-on-christmas-hopesPhotograph: ANDY RAIN/ANDY RAIN/epa/CorbisInvestors await trading update from Currys-owner Dixons Carphone. Photo: Andy Rain/EPA/CorbisPhotograph: ANDY RAIN/ANDY RAIN/epa/CorbisInvestors await trading update from Currys-owner Dixons Carphone. Photo: Andy Rain/EPA/CorbisNick Fletcher2015-01-19T16:58:49ZFTSE ends higher after turmoil caused by Swiss central bank movehttp://www.theguardian.com/business/marketforceslive/2015/jan/15/ftse-ends-higher-after-turmoil-caused-by-swiss-central-bank-move
<p>Kingfisher drops after Homebase results but leading shares shrug off volatility</p><p>If markets have been volatile recently, their performance on Thursday was in another league as the Swiss central bank shocked investors by scrapping the cap on the value of its franc against the euro, sending the European currency tumbling and shares on the proverbial rollercoaster ride.</p><p>The <strong>FTSE 100</strong> immediately slumped on the Swiss news, losing the early gains it made on the back of a recovery in copper prices, before later recovering again after better than expected New York manufacturing data - which ironically did little to lift Wall Street after disappointing results from Bank of America and Citigroup. The leading index finally closed up 110.32 points at 6498.78, the day’s peak, having fallen as low as 6298.</p><p>It’s principally a valuation call and for those investors who own Compass we see no compelling reason to sell the shares but do flag some 2015 risks (US wage inflation, oil and gas slows like mining, bull case of volume recovery undermined as US hours worked at new peak).</p><p>Whilst Compass has invested behind growth in both the US and Europe (capex on new contracts and sales teams) we see limited prospect of any cyclical help given 2.3% average growth in US hours worked since 2010 has not flowed through to volumes. Wage inflation (which we think is tougher to manage than food inflation) is rising at its greatest pace since 2008. Energy contracts (42% of remote sites) might see similar pressures to those of mining in 2013-14.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/jan/15/ftse-ends-higher-after-turmoil-caused-by-swiss-central-bank-move">Continue reading...</a>BusinessMarket turmoilRandgold ResourcesFresnilloKingfisherHome RetailDixons CarphoneImperial TobaccoBovis HomesPersimmonBarratt DevelopmentsCompassRoyal Dutch ShellBGWeirIGThu, 15 Jan 2015 17:02:36 GMThttp://www.theguardian.com/business/marketforceslive/2015/jan/15/ftse-ends-higher-after-turmoil-caused-by-swiss-central-bank-movePhotograph: ARND WIEGMANN/REUTERSSwiss market tumbles after central bank move. Photo: Arnd Wiegmann/Reuters.Photograph: ARND WIEGMANN/REUTERSSwiss market tumbles after central bank move. Photo: Arnd Wiegmann/Reuters.Nick Fletcher2015-01-15T17:02:36ZFTSE 100 comes off best levels but keeps Santa rally goinghttp://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-100-comes-off-best-levels-but-keeps-santa-rally-going
<p>Oil price reversal takes some of the shine off shares after early gains</p><p>A rise in the oil price lifted markets in early trading, but despite a later turnaround in crude, the market mood remained reasonably upbeat, albeit off its highs.</p><p>The reversal in oil followed a sell off in natural gas, with fears of oversupply amid low demand in the US thanks to the mild winter so far. Natural gas dropped as much as 8% while Brent crude - after touching around $62 a barrel - slipped 2% on the day to just over $60. Comments from Saudi Arabia that it would not intervene to support the crude price also sent oil lower. Jasper Lawler, market analyst at CMC Markets UK, said:</p><p>The correlation between entire stock indices and oil prices has been broken for now and seems likely to stay so while Brent holds onto its recent floor around $60. Stock markets rose alongside oil and the Russian ruble in early trading but as oil prices faded equities held onto gains.</p><p>Last week’s equity charge higher has been added to today although not quite with the same gusto. The possibility of the last decade’s worth of higher closes in December for the FTSE ending is not mathematically over, but time is surely running out. A higher close in December for the FTSE, having dropped by 540 points in the first two weeks, was always going to be a tough ask.</p><p>WANdisco’s latest...contract win is important in terms of client referenceability, with dunnhumby being a high profile data management name. In addition, the contract is the first win through the Oracle sales channel, which could become material in time. Momentum is now starting to build for the group’s Hadoop offering, and we retain our buy and 1275p target price.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-100-comes-off-best-levels-but-keeps-santa-rally-going">Continue reading...</a>BusinessTullow OilBGWeirRandgold ResourcesKingfisherPets at HomeHome RetailPremier OilMon, 22 Dec 2014 17:06:14 GMThttp://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-100-comes-off-best-levels-but-keeps-santa-rally-goingPhotograph: Andrew Burton/Getty ImagesTraders on the floor of the New York Stock Exchange. Photo: Andrew Burton/Getty ImagesPhotograph: Andrew Burton/Getty ImagesTraders on the floor of the New York Stock Exchange. Photo: Andrew Burton/Getty ImagesNick Fletcher2014-12-22T17:06:14ZFTSE gains ground as oil recovers while Afren lifted by bid approachhttp://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-gains-ground-as-oil-recovers-while-afren-lifted-by-takeover
<p>Brent crude moves higher and lifts oil sector in thin pre-Christmas trading</p><p>With the crude price heading higher after its recent slump, oil shares are in the spotlight.</p><p>And not just for the benefits for their business. There is also a takeover offer to enliven the sector, with exploration and production group <strong>Afren</strong>, which has assets in Nigeria and Kurdistan, revealing a “highly preliminary” approach from Nigeria’s Seplat Petroleum Development Company. Seplat has until 19 January to make a firm offer.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-gains-ground-as-oil-recovers-while-afren-lifted-by-takeover">Continue reading...</a>BusinessRoyal Dutch ShellTullow OilBPKingfisherHome RetailMon, 22 Dec 2014 10:09:21 GMThttp://www.theguardian.com/business/marketforceslive/2014/dec/22/ftse-gains-ground-as-oil-recovers-while-afren-lifted-by-takeoverPhotograph: Nick Ansell/PACrude price rise supports oil company shares. Photo: Nick Ansell/PA Wire.Photograph: Nick Ansell/PACrude price rise supports oil company shares. Photo: Nick Ansell/PA Wire.Nick Fletcher2014-12-22T10:09:21ZBalfour Beatty boosted by hopes of revival or new bid, while FTSE drifts higherhttp://www.theguardian.com/business/marketforceslive/2014/nov/25/balfour-beatty-boosted-by-hopes-of-revival-or-new-bid-while-ftse-drifts-higher
<p>Troubled construction group could be on road to recovery, say Merrill Lynch analysts</p><p><strong>Balfour Beatty</strong> has been through the mire recently, with several profit warnings, changes of top executives and a failed bid from Carillion.</p><p>But it looked brighter after a positive note from Bank of America Merrill Lynch, which moved from neutral to buy albeit with a target price cut from 250p to 230p, based on a recovery at the business and the prospect of Carillion taking another tilt at the company come next February. Merrill analyst Marcin Wojtal said:</p><p>Five profit warnings in UK construction in the past two years have led to significant underperformance versus the sector and the stock is down 50% from its highs in February 2014. However, the balance sheet is now solid (&pound;200m estimated net cash in December 2014) post the sale of Parsons Brinckerhoff, and most businesses (notably public private partnerships and US construction) are performing well. KPMG’s review of contracts in UK construction is due by year-end and creates certain overhang. However, this looks priced in, as to justify the current share price based on a sum of the price, we would have to assume UK construction is worth a negative &pound;500m.</p><p>We think [Balfour] retains significant M&amp;A appeal for a player looking for a back door to its portfolio of PPP assets and willing to take a 2-3 year view, before potential UK restructuring starts bearing fruit. </p> <a href="http://www.theguardian.com/business/marketforceslive/2014/nov/25/balfour-beatty-boosted-by-hopes-of-revival-or-new-bid-while-ftse-drifts-higher">Continue reading...</a>BusinessBalfour BeattyJ SainsburyTescoKingfisherBHP BillitonAnglo AmericanBSkyBMitchells & ButlersParagonTue, 25 Nov 2014 17:08:30 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/25/balfour-beatty-boosted-by-hopes-of-revival-or-new-bid-while-ftse-drifts-higherPhotograph: CROSSRAIL / HANDOUT/EPABalfour Beatty is part of the Crossrail project in LondonPhotograph: CROSSRAIL / HANDOUT/EPABalfour Beatty is part of the Crossrail project in LondonNick Fletcher2014-11-25T17:08:30ZKingfisher drops on French market woes but FTSE 100 edges higherhttp://www.theguardian.com/business/marketforceslive/2014/nov/25/kingfisher-drops-on-french-market-woes-but-ftse-100-edges-higher
<p>DIY group hit by weak market in France but UK sales and profits move higher</p><p>DIY group <strong>Kingfisher</strong> may be known for B&amp;Q over here but France - where it trades as Castorama and Brico Depot - is its biggest market.</p><p>So with weak consumer confidence, higher taxes and a declining housing and construction market, its sales and profits across the Channel have tumbled down like badly built shelves.</p><p>Overall, we remain cautious on the outlook, especially in France, and continue to focus on margin and cost initiatives to support our performance.</p><p>The third quarter results today from Kingfisher<strong> </strong>are disappointing, with overall Retail profits 12% down at &pound;225m, although downbeat noises about the key business in France were not unexpected. Nevertheless, like for like sales in France were down by 4% and reported profits of &pound;120m were 14% down. The good old UK business did its bit for the group, with sales and profits up a bit overall, but that was all thanks to Screwfix, with<strong> </strong>B&amp;Q not exactly setting the world alight. Elsewhere in Europe adverse foreign exchange translation decimated the contribution from Russia and Poland was also weak....We imagine that full year pretax profit forecasts will be coming back from the &pound;700m-710m level of a few weeks ago to &pound;670m-680m. </p><p>The third quarter trading update was worse than market and our expectations broadly because of lower than forecast profits in Poland and Russia and higher new development costs, in particular in Romania. Frances’s operating profits were also a little weaker than expected. </p><p> Following this update, we are reducing our ‘top end of the range’ 2015 pre-tax profit forecast to &pound;710m from &pound;750m taking earnings per share down to 22.2p from 23.4p, which compares to Bloomberg consensus of &pound;706m and making similar revisions to our subsequent year forecasts. </p> <a href="http://www.theguardian.com/business/marketforceslive/2014/nov/25/kingfisher-drops-on-french-market-woes-but-ftse-100-edges-higher">Continue reading...</a>BusinessKingfisherPetrofacBSkyBBTTue, 25 Nov 2014 09:41:15 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/25/kingfisher-drops-on-french-market-woes-but-ftse-100-edges-higherPhotograph: Graham Turner/Graham TurnerB&amp;Q performs well but French businesses hold back Kingfisher. Photo: Graham Turner.Photograph: Graham Turner/Graham TurnerB&amp;Q performs well but French businesses hold back Kingfisher. Photo: Graham Turner.Nick Fletcher2014-11-25T09:41:15ZB&Q owner Kingfisher slips on weak outlook worrieshttp://www.theguardian.com/business/marketforceslive/2014/nov/05/bq-owner-kingfisher-slips-on-weak-outlook-worries
<p>Deutsche Bank cuts from buy to hold on consumer confidence and currency concerns</p><p>B&amp;Q owner <strong>Kingfisher</strong> is under pressure on concerns about weak consumer demand, amid <a href="http://www.theguardian.com/lifeandstyle/2014/oct/22/homebase-diy-do-it-yourself-store-closures">talk that people are falling out of love with DIY</a>.</p><p>Last month Homebase announced the closure of a quarter of its stores, and now Deutsche Bank has turned more negative on Kingfisher. Cutting the bank’s recommendation from buy to hold in a note entitled (wait for it) <em>Throwing in the trowel</em>, analyst Warwick Okines said:</p><p>Kingfisher reports its third quarter on 25 November. Weak end markets and negative currency continue to weight on earnings and we expect third quarter retail profit of &pound;227m, an 11% decline compared with last year. Moreover the comparison base gets progressively more challenging in the fourth quarter and the first quarter [next year], with no obvious respite from the consumer. We lower current year forecasts by 3.4% and sit 5% below consensus. There are self-help opportunities ahead but also challenges, and while earnings momentum remains negative we downgrade to hold.</p><p>Kingfisher shares are unchanged from its B&amp;Q investor day [in October], and we have taken time to reflect on what we learnt. Under a new chief executive we hope for a reinvigorated sourcing and gross margin drive, potential China exit, and continued share buyback. B&amp;Q is on the right strategic path and the Mr Bricolage acquisition [in France] should represent 15% of profit growth next year. Yet it will not be until the end of March that we hear more and in the meantime see macro risks from the consumer and currency. The stock trades on 2015 PE of 12 times which is not demanding but we see limited positive catalysts in the coming months. </p><p>We have upgraded our pretax profit forecasts for 2014 to 16 by 5%-7%. Cash generation remains strong and we expect special dividends to match ordinary dividend payments over our forecast period. We maintain our buy recommendation and increase our target price to 405p.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/nov/05/bq-owner-kingfisher-slips-on-weak-outlook-worries">Continue reading...</a>BusinessKingfisherWed, 05 Nov 2014 11:26:40 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/05/bq-owner-kingfisher-slips-on-weak-outlook-worriesPhotograph: Graham Turner/GuardianKingfisher shares fallPhotograph: Graham Turner/GuardianKingfisher shares fallNick Fletcher2014-11-05T11:26:40ZFTSE loses early gains on eurogroup Cyprus comments, but Arm and Vodafone move higherhttp://www.theguardian.com/business/marketforceslive/2013/mar/25/ftse-eurogroup-cyprus-arm-vodafone
Investors spooked by suggestions Cyprus deal could be template to resolve other countries' bank problems<p>Leading shares initially gave a - half-hearted - welcome to news that Cyprus had finally agreed a bailout. But comments from eurogroup head Jeroen Dijsselbloem that the deal could form a template for future treatment of struggling banks put the cat among the pigeons again.</p><p>So the <strong>FTSE 100</strong>, having climbed as high as 6458, finished 14.38 points lower at 6378.38. Talk of a possible downgrade of Italy's sovereign debt did not help matters. Chris Beauchamp, market analyst at IG, said:</p> <a href="http://www.theguardian.com/business/marketforceslive/2013/mar/25/ftse-eurogroup-cyprus-arm-vodafone">Continue reading...</a>BusinessEurasian Natural Resources CorporationVedanta ResourcesBarclaysRoyal Bank of ScotlandARMVodafoneAberdeen Asset ManagementAvivaKingfisherDraxThomas CookMon, 25 Mar 2013 17:02:12 GMThttp://www.theguardian.com/business/marketforceslive/2013/mar/25/ftse-eurogroup-cyprus-arm-vodafoneNick Fletcher2013-03-25T17:02:12ZFTSE 100's rally continues after postive US economic newshttp://www.theguardian.com/business/marketforceslive/2013/feb/01/ftse-100-rally-miners
Mining shares and BT help push leading index higher after best January performance for nearly 25 years<p>After the market celebrated its best January performance for nearly a quarter of a century, investors could have been forgiven for expecting a hangover as February began.</p><p>But there was little sign of that, with the <strong>FTSE 100</strong> finishing at 6347.24, up 70.36 on the day. In a week when it breached the 6300 barrier for the first time in nearly five years, the index added 63 points. And during January it rose 379 points or 6.43%, its best start to the year since 1989.</p> <a href="http://www.theguardian.com/business/marketforceslive/2013/feb/01/ftse-100-rally-miners">Continue reading...</a>BusinessVedanta ResourcesAnglo AmericanBTDiageoRoyal Dutch ShellRoyal Bank of ScotlandLloyds Banking GroupBarclaysTate and LyleInternational Airlines GroupKingfisherDe La RueQinetiQFri, 01 Feb 2013 17:05:55 GMThttp://www.theguardian.com/business/marketforceslive/2013/feb/01/ftse-100-rally-minersNick Fletcher2013-02-01T17:05:55ZVodafone shakes off disappointing figures from US partner Verizon, but FTSE rally fadeshttp://www.theguardian.com/business/marketforceslive/2013/jan/22/vodafone-verizon-ftse-fades
Mobile group has volatile day but ends higher on hopes for Verizon Wireless dividend<p><strong>Vodafone</strong> sent out mixed signals to investors, although it shook off initial weakness to close virtually unchanged.</p><p>Its shares fell back to around 160p after Verizon, its US wireless joint venture partner, missed expects by reporting reported a $1.93bn quarterly loss, hit by pension liabilities and charges related to superstorm Sandy. The wireless business, however, reported an 8.5% rise in revenues, and Verizon Wireless is due to pay an $8.5bn dividend to its two parents, so Vodafone recovered to end the day 0.15p higher at 162.4p.</p> <a href="http://www.theguardian.com/business/marketforceslive/2013/jan/22/vodafone-verizon-ftse-fades">Continue reading...</a>BusinessVodafoneFresnilloPearsonRoyal Bank of ScotlandLloyds Banking GroupBGWeirShireNextKingfisherOcadoRightmoveTue, 22 Jan 2013 16:51:40 GMThttp://www.theguardian.com/business/marketforceslive/2013/jan/22/vodafone-verizon-ftse-fadesNick Fletcher2013-01-22T16:51:40ZFTSE hits new four and a half year high as BG benefits from bid talk and broker upgradehttp://www.theguardian.com/business/marketforceslive/2013/jan/18/ftse-100-bg-bid-talk-upgrade
Leading shares lifted by positive Chinese GDP news, despite poor UK retail sales and US confidence figures<p>As leading shares hit a new four and a half year high, <strong>BG</strong> was in focus on reheated takeover speculation.</p><p>The gases group disappointed investors in October with a warning there would be no output growth in 2013, due to project delays. The news hit its share price but prompted speculation in the City the company could be vulnerable to a predator, with Shell and Brazil's Petrobras both mentioned.</p> <a href="http://www.theguardian.com/business/marketforceslive/2013/jan/18/ftse-100-bg-bid-talk-upgrade">Continue reading...</a>BusinessBGBurberryAssociated British FoodsDixons RetailHome RetailKingfisherTescoJ SainsburyRio TintoAnglo AmericanGlencoreXstrataBovis HomesFri, 18 Jan 2013 17:01:49 GMThttp://www.theguardian.com/business/marketforceslive/2013/jan/18/ftse-100-bg-bid-talk-upgradeNick Fletcher2013-01-18T17:01:49ZFTSE 100 records best monthly performance since June on eurozone and US hopeshttp://www.theguardian.com/business/marketforceslive/2012/nov/30/ftse-montly-rise-eurozone-fiscal-cliff
Investor optimism over Greece and US fiscal cliff lifts markets despite long road ahead<p>Leading shares recorded their best monthly performance since June despite a last minute wobble, helped by optimism over the eurozone crisis and America's current budget discussions.</p><p>The <strong>FTSE 100</strong> finished 3.48 points lower at 5866.82, but that still made a 1.45% gain for November, its biggest rise since the 4.7% increase six months ago. Investor hopes have been raised by this week's Greek debt deal, although some obstacles still remain, not least the details of a proposed Greek bond repurchasing scheme. Spain's banks saw a €37bn restructuring package approved by the European Commission, while across the Atlantic there were signs of progress in discussions over the US fiscal cliff, the tax rises and spending cuts due to come into force early next year. A series of positive economic figures, including UK and US GDP figures and an upbeat Chicago purchasing manager's survey, also helped sentiment.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/nov/30/ftse-montly-rise-eurozone-fiscal-cliff">Continue reading...</a>BusinessBPKingfisherDixons RetailJohnson MattheyCrodaIntertekWood GroupRoyal Bank of ScotlandHSBCBAE SystemsManBGBurberryTui TraveleasyJetPennonMelroseSercoARMInvensysFri, 30 Nov 2012 17:24:02 GMThttp://www.theguardian.com/business/marketforceslive/2012/nov/30/ftse-montly-rise-eurozone-fiscal-cliffNick Fletcher2012-11-30T17:24:02ZFTSE moves to three week high on US and eurozone optimism, but Wood Group misses outhttp://www.theguardian.com/business/marketforceslive/2012/nov/29/ftse-three-week-high-wood-falls
Sale of £126m worth of energy services group's shares by family trust hits sentiment<p>Energy services business <strong>Wood Group</strong> missed out on a market rally which saw the FTSE 100 reach its highest level for three weeks.</p><p>The company's shares fell 35p to 780p. a decline of more than 4%, after the Wood family trust and members of the Wood family sold 4.4% - 16.3m shares which represented their total stake - at 775p each through Credit Suisse, raising around &pound;126m. Sir Ian Wood, the departing chairman and grandson of the company's founder, said he had no current intention to sell his 2.4% shareholding.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/nov/29/ftse-three-week-high-wood-falls">Continue reading...</a>BusinessWood GroupRio TintoKazakhmysAnglo AmericanBurberryPennonKingfisherInvensysPersimmonBovis HomesBSkyBARMThu, 29 Nov 2012 17:02:08 GMThttp://www.theguardian.com/business/marketforceslive/2012/nov/29/ftse-three-week-high-wood-fallsNick Fletcher2012-11-29T17:02:08ZFTSE 100 has best week for nearly a year but Tesco fails to inspire investorshttp://www.theguardian.com/business/marketforceslive/2012/nov/23/ftse-rise-tesco-uninspiring
Leading index adds £54bn since Monday, its best weekly performance since early December last year<p><strong>Tesco</strong>, which is attempting to revive its UK business after a profit warning earlier this year, must have hoped for a boost after an investor trip earlier this week designed to show off its latest innovations.</p><p>The visit took in an automated warehouse in Enfield, built to fulfil online orders, and a couple of revamped stores in Hertfordshire and London.</p><p>Ocado is still operating an inefficient model, growing below City expectations and its multichannel competitors. Going forward, much will depend upon February's launch of [its second warehouse]. That said, the monkey is off their back and management now has considerable breathing space.</p><p>We believe that [Dixons' subsidiary] Currys will gain around 40% of Comet's lost sales, driving 12% UK like for like growth next year. Dixons' balance sheet is stronger than it has been for several years and the group is rapidly becoming very cash generative. Unlike HMV, the products that Dixons sells are not in structural decline and there are still more than 1,000 independents in the UK electricals market from whom to take share. </p><p>We strongly believe that [the initial] reaction in Blinkx's share price was both illogical and excessive. The businesses – and revenue models – are very different and there is no suggestion of any accounting irregularities or improprieties at Blinkx. While HP does have a 12.6% holding in Blinkx following the Autonomy acquisition last year, we reiterate our view that HP has a number of financial stakes in technology and digital media businesses and has given no indication of its intention to dispose of its stake. </p> <a href="http://www.theguardian.com/business/marketforceslive/2012/nov/23/ftse-rise-tesco-uninspiring">Continue reading...</a>BusinessTescoOcadoDixons RetailKingfisherGKNIMIXstrataGlencoreLonminEurasian Natural Resources CorporationSABMillerBGChemringFri, 23 Nov 2012 17:29:35 GMThttp://www.theguardian.com/business/marketforceslive/2012/nov/23/ftse-rise-tesco-uninspiringNick Fletcher2012-11-23T17:29:35ZBanks boost FTSE 100 after Citigroup results but RBS dips on branch sale uncertaintyhttp://www.theguardian.com/business/marketforceslive/2012/oct/15/barclays-ftse-citigroup-royal-bank
Barclays lifted by figures from US banks while eurozone hopes help investor sentiment<p>Banks helped push the market higher on hopes that a Spanish bailout could finally be implemented, reducing the cost of the country's borrowings, as well as optimism over Greece's tortuous budget talks with its international creditors. Better than expected results from Citigroup, the latest US bank to update the market, also helped sentiment.</p><p><strong>Barclays</strong> climbed 4.65p to 236.85 as Ian Gordon at Investec issued a buy note and edged up his price target from 250p to 255p in the wake of the US figures. He said:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/15/barclays-ftse-citigroup-royal-bank">Continue reading...</a>BusinessBarclaysLloyds Banking GroupStandard CharteredRoyal Bank of ScotlandKazakhmysRio TintoBHP BillitonAnglo AmericanTalvivaara Mining CompanyBTKingfisherRentokil InitialMon, 15 Oct 2012 16:26:26 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/15/barclays-ftse-citigroup-royal-bankNick Fletcher2012-10-15T16:26:26ZTesco falls to two month low but FTSE 100 lifted by US jobs figureshttp://www.theguardian.com/business/marketforceslive/2012/oct/05/tesco-ftse-us-jobs
Analysts queue up to downgrade supermarket group after profit fall, while non-farm data outweighs eurozone woes<p><strong>Tesco</strong> fell to a two month low in a rising market, as investors checked out of the supermarket group's shares in the wake of its first profit fall for twenty years.</p><p>The company reported half year figures on Wednesday showing trading profits dropped 10.5% to &pound;1.6bn, prompting concerns about its poor UK performance and growing problems in its international business. It closed down 2.8p at 315.35p, its worst level since the start of August as analysts queued up to downgrade the business. Kate Calvert and Freddie George at Seymour Pierce said:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/05/tesco-ftse-us-jobs">Continue reading...</a>BusinessTescoEurasian Natural Resources CorporationKazakhmysVedanta ResourcesEvrazWS AtkinsFirstGroupWood GroupKingfisherAstraZenecaMitchells & ButlersFri, 05 Oct 2012 16:05:53 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/05/tesco-ftse-us-jobsNick Fletcher2012-10-05T16:05:53ZMoneysupermarket hit by Google competition fears, as FTSE flatlines againhttp://www.theguardian.com/business/marketforceslive/2012/sep/11/moneysupermarket-google-ftse-flat
Analyst warns of threat to Moneysupermarket in car insurance market as Google enters the fray<p><strong>Moneysupermarket.com</strong>, the price comparison website which recently bought Martin Lewis' MoneySavingExpert for up to &pound;87m, is coming under attack from Google in one of its key market.</p><p>Google has launched a car insurance comparison site following forays into credit card, savings and current account comparison. David McCann at Numis said car insurance was Moneysupermarket's biggest division, accounting for around 55% of revenues. In a sell note on the company, he said:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/sep/11/moneysupermarket-google-ftse-flat">Continue reading...</a>BusinessMoneysupermarket.comBurberryMulberryAnglo AmericanVedanta ResourcesXstrataGlencoreKingfisherARMBritish American TobaccoImperial TobaccoIGChemringTue, 11 Sep 2012 16:20:19 GMThttp://www.theguardian.com/business/marketforceslive/2012/sep/11/moneysupermarket-google-ftse-flatNick Fletcher2012-09-11T16:20:19ZReckitt climbs as analysts say its pharma business could be worth up to £5bn in a salehttp://www.theguardian.com/business/marketforceslive/2012/aug/28/reckitt-pharmaceutical-division-sale
Morgan Stanley puts value of £2.6bn to £5bn on division despite competition concerns<p><strong>Reckitt Benckiser</strong>'s pharmaceutical business could be worth up to &pound;5bn if it were sold off, according to analysts at Morgan Stanley, despite competition worries surrounding its suboxone heroin substitute.</p><p>The company, best known for its Cillit Bang and Vanish household goods products, has introduced a film version of suboxone to counter generic rivals to the tablet form. Morgan Stanley believes the product will continue to boost the division's earnings, with only a third of its sales now accounted for by the tablet form:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/aug/28/reckitt-pharmaceutical-division-sale">Continue reading...</a>BusinessReckitt BenckiserKazakhmysEurasian Natural Resources CorporationKingfisherITVChemringTue, 28 Aug 2012 15:46:28 GMThttp://www.theguardian.com/business/marketforceslive/2012/aug/28/reckitt-pharmaceutical-division-saleNick Fletcher2012-08-28T15:46:28ZCRH falls on talk of £1bn Indian deal, but FTSE climbs to near three month highhttp://www.theguardian.com/business/marketforceslive/2012/jul/19/crh-indian-plants-ftse
Irish building materials group said to be interested in two cement plants to triple its capacity in India<p>Irish building materials group <strong>CRH</strong> was one of the biggest fallers in a rising FTSE 100 on talk it could be interested in a multi-billion pound deal in India.</p><p>According to reports from New Dehli, the company is in the race to buy two cement plants owned by construction group Jaiprakesh Associates. The plants were said to be worth around &pound;1bn, and an acquisition by CRH would help its expansion plans in the country. It already owns a 50% stake in another plant, and buying the Jaiprakesh sites would triple its capacity in India.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/jul/19/crh-indian-plants-ftse">Continue reading...</a>CRHBusinessBarclaysStandard CharteredLloyds Banking GroupBGVodafoneKingfisherHalfordsMothercareJJB SportsSports Direct InternationalBurberryMitchells & ButlersTalkTalk TelecomWood GroupThu, 19 Jul 2012 15:58:08 GMThttp://www.theguardian.com/business/marketforceslive/2012/jul/19/crh-indian-plants-ftseNick Fletcher2012-07-19T15:58:08ZFTSE edges up but still suffers worst week since December, as Aviva advised to sell US businesshttp://www.theguardian.com/business/marketforceslive/2012/mar/23/ftse-worst-week-since-december-aviva
Insurer could bolster balance sheet with £4bn sale, say analysts, although US disposal may be difficult<p>As leading shares suffered their worst week since the middle of December, insurer <strong>Aviva</strong> slipped 1.7p to 346.7p after analysts said it should consider selling its north American businesses to bolster its balance sheet.</p><p>The group is expected to elect John McFarlane as its new chairman in May, and UBS suggested the change at the top could also signal a change of strategy. Analyst James Pearce said Aviva's Canadian general insurance business was peripheral while its US life business faced operational challenges. He believed Aviva could make a loss on the US business, offset by gains on a Canadian sale. He estimated total proceeds of &pound;4bn, which would make a big dent in its &pound;5.3bn debt. But he added that European insurers were unlikely to bid until new solvency rules are clearer, reducing the number of potential buyers.:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/mar/23/ftse-worst-week-since-december-aviva">Continue reading...</a>BusinessAvivaBurberryNextKingfisherBTRandgold ResourcesGreggsBig YellowEnterprise InnsMitchells & ButlersDiageoEssar EnergyLogicaCable & Wireless WorldwideFri, 23 Mar 2012 17:41:21 GMThttp://www.theguardian.com/business/marketforceslive/2012/mar/23/ftse-worst-week-since-december-avivaNick Fletcher2012-03-23T17:41:21Z